This paper examines whether 10K complexity has unintended consequences in terms of impairing price discovery in capital markets. More specifically, we examine the impact -- on market efficiency and information asymmetry -- of sell-side financial analysts' first revised forecasts following...

As a result of a 2003 SEC regulation intended to increase the transparency of firms' off-balance sheet obligations, tabular data on purchase obligations became available in the MD&A section of firms' 10-Ks. We develop a program to read the text of these disclosures and we create a database to...

The business press generally reports news in quarterly earnings announcements based on the difference between actual earnings and two salient benchmarks: earnings of the same quarter in the previous year, and a consensus drawn from a distribution of forecasts by financial analysts. We evaluate...